Institution

Norges Bank

13F for June 30, 2026, filed August 12, 2026 · SEC CIK 1374170 · Holdings history from December 31, 2000

Reported value: $1.00tn
Positions we cover: 1,546
Copy, a year: +13.9%
Copy Sharpe ratio: 0.74

Copy-performance statistics: March 21, 2014 to November 2, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Holdings date Find a security

1,617 reported entries for June 30, 2026.

Issuer	Class / type	Reported value	Quantity
ABIVAX SA00370M103 · ABVX	SPONSORED ADS	$146.6m	1,100,000
ACADEMY SPORTS & OUTDOORS IN00402L107 · ASO	COM	$22.7m	482,119
ACADIA PHARMACEUTICALS INC004225108 · ACAD	COM	$41.1m	1,623,308
POST HLDGS INC737446104 · POST	COM	$115.6m	1,309,435
POSTAL REALTY TRUST INC73757R102 · PSTL	CL A	$1.8m	71,900
PPG INDS INC693506107 · PPG	COM	$197.0m	1,624,153
PPL CORP69351T106 · PPL	COM	$173.3m	4,767,514
PRAXIS PRECISION MEDICINES I74006W207 · PRAX	COM NEW	$116.2m	346,969
PRESTIGE CONSMR HEALTHCARE I74112D101 · PBH	COM	$3.5m	74,947
PRICE T ROWE GROUP INC74144T108 · TROW	COM	$53.1m	466,944
PRIMERICA INC74164M108 · PRI	COM	$5.3m	18,558
PRIMO BRANDS CORPORATION741623102 · PRMB	CLASS A COM SHS	$73.4m	3,001,538
PRIMORIS SVCS CORP74164F103 · PRIM	COM	$51.3m	517,320
PRINCIPAL FINANCIAL GROUP IN74251V102 · PFG	COM	$217.1m	2,014,675
PROCEPT BIOROBOTICS CORP74276L105 · PRCT	COM	$3.7m	162,888
PROCORE TECHNOLOGIES INC74275K108 · PCOR	COM	$50.0m	1,230,355
PROCTER & GAMBLE CO742718109 · PG	COM	$4.7bn	31,831,692
PROFICIENT AUTO LOGISTICS IN74317M104 · PAL	COM	$1.3m	191,400
PROG HOLDINGS INC74319R101 · PRG	COM NPV	$6.5m	139,059
PROGRESSIVE CORP743315103 · PGR	COM	$1.9bn	8,647,114
PROGYNY INC74340E103 · PGNY	COM	$2.2m	77,125
PROLOGIS INC.74340W103 · PLD	COM	$1.7bn	12,518,679
PROSPERITY BANCSHARES INC743606105 · PB	COM	$93.5m	1,280,503
PRUDENTIAL FINL INC744320102 · PRU	COM	$42.4m	392,530
PTC INC69370C100 · PTC	COM	$356.2m	3,135,548
PUBLIC STORAGE74460D109 · PSA	COM	$1.4bn	4,341,196
PUBLIC SVC ENTERPRISE GROUP744573106 · PEG	COM	$529.2m	6,520,199
PULSE BIOSCIENCES INC74587B101 · PLSE	COM	$2.9m	105,647
PULTE GROUP INC745867101 · PHM	COM	$595.4m	4,339,538
QFIN HOLDINGS INC88557W101 · QFIN	AMERICAN DEP	$17.1m	1,079,132
QIAGEN NVN72482156 · QGEN	ORD SHARES	$168.0m	4,325,135
QNITY ELECTRONICS INC74743L100 · Q	COMMON STOCK	$273.0m	1,671,610
QORVO INC74736K101	COM	$86.5m	927,169
QUALCOMM INC747525103 · QCOM	COM	$3.0bn	16,209,022
QUALYS INC74758T303 · QLYS	COM	$7.3m	53,317
QUANTA SVCS INC74762E102 · PWR	COM	$1.4bn	1,930,250
QUANTINUUM INC74768A104 · QNT	CL A COM	$46.1m	564,000
QUEST DIAGNOSTICS INC74834L100 · DGX	COM	$298.1m	1,406,620
QXO INC82846H405 · QXO	COM NEW	$200.7m	11,613,483
RADIAN GROUP INC750236101 · RDN	COM	$84.2m	2,234,835
RADNET INC750491102 · RDNT	COM	$29.0m	469,820
RALLIANT CORP750940108 · RAL	COM	$119.5m	1,622,772
RALPH LAUREN CORP751212101 · RL	CL A	$96.4m	240,249
RAMBUS INC DEL750917106 · RMBS	COM	$203.4m	1,532,622
RANGER ENERGY SVCS INC75282U104 · RNGR	COM CL A	$1.6m	99,200
RAYMOND JAMES FINL INC754730109 · RJF	COM	$369.8m	2,432,562
RAYONIER ADVANCED MATLS INC75508B104 · RYAM	COM	$1.7m	210,900
RAYONIER INC754907103 · RYN	COM	$372.5m	17,506,364
RB GLOBAL INC74935Q107 · RBA	COM	$292.7m	2,514,982
RBC BEARINGS INC75524B104 · RBC	COM	$267.1m	414,675
REALTY INCOME CORP756109104 · O	COM	$804.1m	12,978,009
RECURSION PHARMACEUTICALS IN75629V104 · RXRX	CL A	$25.1m	6,833,534
RED VIOLET INC75704L104	COM	$7.8m	122,000
REDDIT INC75734B100 · RDDT	CL A	$131.3m	756,324
REDWIRE CORPORATION75776W103 · RDW	COM	$3.3m	270,200
REGAL REXNORD CORPORATION758750103 · RRX	COM	$233.0m	978,022
REGENCY CTRS CORP758849103 · REG	COM	$1.4bn	17,146,561
REGENERON PHARMACEUTICALS75886F107 · REGN	COM	$731.3m	1,172,808
REGIONAL MGMT CORP75902K106 · RM	COM	$1.1m	27,500
REGIONS FINANCIAL CORP NEW7591EP100 · RF	COM	$267.3m	8,849,540
REINSURANCE GROUP AMER INC759351604 · RGA	COM NEW	$181.0m	851,264
RELIANCE INC759509102 · RS	COM	$244.2m	653,621
REMITLY GLOBAL INC75960P104 · RELY	COM	$30.6m	1,367,642
RENAISSANCERE HLDGS LTDG7496G103 · RNR	COM	$178.8m	564,127
RENEW ENERGY GLOBAL PLCG7500M104 · RNW	CL A SHS	$21.8m	3,492,875
RENTOKIL INITIAL PLC760125104 · RTO	SPONSORED ADR	$1.4m	47,621
REPLIGEN CORP759916109 · RGEN	COM	$78.5m	575,226
REPUBLIC SVCS INC760759100 · RSG	COM	$674.0m	3,162,965
ACADIA RLTY TR004239109 · AKR	COM SH BEN INT	$1.6m	77,400
ACCENTURE PLC IRELANDG1151C101 · ACN	SHS CLASS A	$896.4m	7,203,649
ACI WORLDWIDE INC004498101 · ACIW	COM	$65.8m	1,308,947
ACM RESH INC00108J109 · ACMR	COM CL A	$3.6m	28,528
ACUITY INC00508Y102 · AYI	COM	$119.4m	316,972
ACUSHNET HLDGS CORP005098108 · GOLF	COM	$11.6m	98,273
ADOBE INC00724F101 · ADBE	COM	$1.0bn	4,972,088
ADT INC DEL00090Q103 · ADT	COM	$128.0m	19,697,105
ADTRAN HOLDINGS INC00486H105 · ADTN	COM	$8.0m	575,400
ADVANCED DRAIN SYS INC DEL00790R104 · WMS	COM	$204.6m	1,303,735
ADVANCED ENERGY INDS007973100 · AEIS	COM	$181.4m	486,582
ADVANCED MICRO DEVICES INC007903107 · AMD	COM	$13.6bn	23,361,170
ADVANSIX INC00773T101 · ASIX	COM	$2.3m	113,300
AECOM00766T100 · ACM	COM	$129.3m	1,853,035
AERCAP HOLDINGS NVN00985106 · AER	SHS	$353.7m	2,426,017
AEROVIRONMENT INC008073108 · AVAV	COM	$78.1m	473,141
AERSALE CORPORATION00810F106 · ASLE	COM	$1.2m	188,400
AEVEX CORP00835T107 · AVEX	COM CL A	$4.4m	209,293
AFFILIATED MANAGERS GROUP008252108 · AMG	COM	$122.3m	361,473
AFFIRM HLDGS INC00827B106 · AFRM	COM CL A	$300.2m	3,681,211
AFLAC INC001055102 · AFL	COM	$323.5m	2,758,685
AGCO CORP001084102 · AGCO	COM	$77.9m	650,842
AGI INCG0118C105 · AGBK	COM SHS CL A	$8.8m	1,250,000
AGILENT TECHNOLOGIES INC00846U101 · A	COM	$514.0m	3,869,544
AGNC INVT CORP00123Q104 · AGNC	COM	$168.7m	15,473,900
AGNICO EAGLE MINES LTD008474108 · AEM	COM	$1.3bn	8,443,750
AGREE RLTY CORP008492100 · ADC	COM	$117.5m	1,551,258
AIR PRODUCTS AND CHEMICALS I009158106 · APD	COM	$1.4bn	4,672,467
AIRBNB INC009066101 · ABNB	COM CL A	$530.8m	3,709,238
AKAMAI TECHNOLOGIES INC00971T101 · AKAM	COM	$249.5m	2,110,687
ALAMOS GOLD INC011532108 · AGI	COM CL A	$163.8m	5,408,024
ALARM COM HLDGS INC011642105 · ALRM	COM	$7.8m	167,419

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

CopyS&P 500 $10,000 copying Norges Bank's usable filed holdings in companies we cover from March 21, 2014, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.0% (S&P 500 −31.8%); beta 1.02; alpha +0.1% a year (t = 0.14); last 12 months +11.6% against +12.1%.

Reported value by quarter

Norges Bank: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.

View chart data

Period	Reported value
2000-12-31	$719.7M
2001-03-31	$634.7M
2001-06-30	$1.5B
2001-09-30	$1.5B
2001-12-31	$4.8B
2002-03-31	$5.5B
2002-06-30	$5.8B
2002-09-30	$6.5B
2002-12-31	$7.5B
2003-03-31	$9.8B
2003-06-30	$12.3B
2012-06-30	$124.7B
2012-09-30	$148.4B
2013-03-31	$154.2B
2013-06-30	$161B
2013-09-30	$171.4B
2013-12-31	$173.6B
2014-03-31	$177.2B
2014-06-30	$370.6B
2014-09-30	$184.6B
2014-12-31	$196.8B
2015-03-31	$204.1B
2015-06-30	$200.1B
2015-09-30	$190.8B
2015-12-31	$201.2B
2016-03-31	$203.3B
2016-06-30	$210.5B
2016-09-30	$211.6B
2016-12-31	$228.8B
2017-03-31	$243.7B
2017-06-30	$251.9B
2017-09-30	$263.5B
2017-12-31	$279B
2018-03-31	$276.4B
2018-06-30	$291.3B
2018-09-30	$307.9B
2018-12-31	$268.8B
2019-03-31	$309.5B
2019-06-30	$323.6B
2019-09-30	$326.5B
2019-12-31	$358.4B
2020-03-31	$280.6B
2020-06-30	$347.3B
2020-09-30	$376.4B
2020-12-31	$428.3B
2021-03-31	$436.8B
2021-06-30	$461.3B
2021-09-30	$452B
2021-12-31	$486.4B
2022-03-31	$458.8B
2022-06-30	$386.8B
2022-09-30	$376.1B
2022-12-31	$414.9B
2023-03-31	$456.9B
2023-06-30	$506.7B
2023-09-30	$492.8B
2023-12-31	$572.3B
2024-03-31	$633.6B
2024-06-30	$669.4B
2024-09-30	$715.9B
2024-12-31	$762.1B
2025-03-31	$712.5B
2025-06-30	$801.1B
2025-09-30	$0
2025-12-31	$934.8B
2026-03-31	$0
2026-06-30	$1T

Latest covered holdings and moves

Covered holdings as of June 30, 2026.

Company	Share of portfolio	Value	Shares	Change in shares
NVDANVIDIA Corporation	6.50%	$65.2bn	325.95M	New
AAPLApple Inc.	5.50%	$55.2bn	190.73M	New
MSFTMicrosoft Corporation	3.82%	$38.3bn	102.73M	New
AMZNAmazon	3.34%	$33.5bn	140.57M	New
GOOGLAlphabet Inc. (Class A)	2.88%	$28.9bn	80.93M	New
AVGOBroadcom	2.48%	$24.9bn	65.97M	New
METAMeta Platforms	1.84%	$18.4bn	32.73M	New
MUMicron Technology	1.75%	$17.5bn	15.18M	New
TSLATesla, Inc.	1.63%	$16.3bn	38.81M	New
LLYLilly (Eli)	1.37%	$13.8bn	11.47M	New
AMDAdvanced Micro Devices	1.35%	$13.6bn	23.36M	New
JPMJPMorgan Chase	1.18%	$11.8bn	36.12M	New
INTCIntel	0.86%	$8.6bn	61.71M	New
AMATApplied Materials	0.81%	$8.2bn	11.31M	New
JNJJohnson & Johnson	0.81%	$8.1bn	31.83M	New
LRCXLam Research	0.78%	$7.9bn	18.12M	New
WMTWalmart	0.65%	$6.5bn	57.42M	New
CSCOCisco	0.64%	$6.4bn	54.84M	New
ABBVAbbVie	0.64%	$6.4bn	25.55M	New
AZNAstrazeneca PLC	0.63%	$6.3bn	33.86M	New
COSTCostco	0.60%	$6.1bn	6.47M	New
MAMastercard	0.60%	$6.0bn	11.75M	New
KLACKLA Corporation	0.59%	$5.9bn	19.57M	New
VVisa Inc.	0.56%	$5.6bn	16.22M	New
UNHUnitedHealth Group	0.53%	$5.3bn	12.74M	New
GEGE Aerospace	0.51%	$5.1bn	13.69M	New
BACBank of America	0.48%	$4.8bn	83.79M	New
MRKMerck & Co.	0.47%	$4.8bn	36.98M	New
UBSUBS Group AG	0.47%	$4.8bn	95.85M	New
HDThe Home Depot	0.47%	$4.7bn	13.38M	New
SNDKSandisk	0.47%	$4.7bn	2.06M	New
PGProcter & Gamble	0.47%	$4.7bn	31.83M	New
WFCWells Fargo	0.46%	$4.6bn	55.49M	New
MRVLMarvell Technology	0.42%	$4.2bn	14.20M	New
KOThe Coca-Cola Company	0.42%	$4.2bn	52.03M	New
NFLXNetflix	0.41%	$4.1bn	57.95M	New
WELLWelltower	0.41%	$4.1bn	18.15M	New
RYRoyal Bank Of Canada	0.41%	$4.1bn	19.91M	New
GEVGE Vernova	0.40%	$4.0bn	3.42M	New
TXNTexas Instruments	0.39%	$3.9bn	13.22M	New
CVXChevron Corporation	0.38%	$3.8bn	22.96M	New
RTXRTX Corporation	0.38%	$3.8bn	19.95M	New
MSMorgan Stanley	0.38%	$3.8bn	17.98M	New
ORCLOracle Corporation	0.36%	$3.7bn	25.00M	New
PLTRPalantir Technologies Inc.	0.36%	$3.6bn	31.08M	New
DLRDigital Realty	0.34%	$3.5bn	19.29M	New
LINLinde plc	0.34%	$3.4bn	6.64M	New
APHAmphenol	0.34%	$3.4bn	19.19M	New
PANWPalo Alto Networks	0.33%	$3.3bn	9.75M	New
ADIAnalog Devices	0.32%	$3.2bn	8.17M	New
QCOMQualcomm	0.30%	$3.0bn	16.21M	New
STXSeagate Technology	0.30%	$3.0bn	3.10M	New
WDCWestern Digital	0.29%	$3.0bn	4.63M	New
NEENextEra Energy	0.28%	$2.8bn	32.12M	New
CRWDCrowdStrike	0.28%	$2.8bn	3.67M	New
GILDGilead Sciences	0.28%	$2.8bn	21.97M	New
BLKBlackRock	0.27%	$2.7bn	2.83M	New
AXPAmerican Express	0.27%	$2.7bn	7.99M	New
CCitigroup	0.27%	$2.7bn	19.28M	New
MCDMcDonald's	0.27%	$2.7bn	9.88M	New
PEPPepsiCo	0.26%	$2.6bn	19.42M	New
GSGoldman Sachs	0.26%	$2.6bn	2.60M	New
GLWCorning Inc.	0.26%	$2.6bn	10.24M	New
TMOThermo Fisher Scientific	0.25%	$2.6bn	5.09M	New
PNCPNC Financial Services	0.25%	$2.5bn	10.15M	New
TDToronto Dominion Bank	0.24%	$2.4bn	20.02M	New
IBMIBM	0.24%	$2.4bn	8.42M	New
VMRKVivmark Residential	0.24%	$2.4bn	34.84M	New
VZVerizon	0.23%	$2.3bn	54.31M	New
BKNGBooking Holdings	0.22%	$2.2bn	12.43M	New
TJXTJX Companies	0.22%	$2.2bn	14.47M	New
DEDeere & Company	0.21%	$2.2bn	3.41M	New
BMYBristol Myers Squibb	0.21%	$2.1bn	36.87M	New
HWMHowmet Aerospace	0.21%	$2.1bn	7.90M	New
ABTAbbott Laboratories	0.21%	$2.1bn	23.35M	New
ETNEaton Corporation	0.21%	$2.1bn	4.92M	New
SCHWCharles Schwab Corporation	0.21%	$2.1bn	22.66M	New
ANETArista Networks	0.21%	$2.1bn	12.25M	New
UNPUnion Pacific Corporation	0.20%	$2.1bn	7.55M	New
AMGNAmgen	0.20%	$2.0bn	5.63M	New
COFCapital One	0.20%	$2.0bn	9.98M	New
ISRGIntuitive Surgical	0.20%	$2.0bn	4.95M	New
DISThe Walt Disney Company	0.19%	$1.9bn	20.25M	New
PHParker Hannifin	0.19%	$1.9bn	1.98M	New
UBERUber	0.19%	$1.9bn	26.71M	New
FTNTFortinet	0.19%	$1.9bn	12.45M	New
PGRProgressive Corporation	0.19%	$1.9bn	8.65M	New
CMCSAComcast	0.19%	$1.9bn	76.54M	New
SHOPShopify Inc.	0.19%	$1.9bn	16.41M	New
CVSCVS Health	0.19%	$1.9bn	18.04M	New
DELLDell Technologies	0.18%	$1.9bn	4.31M	New
LOWLowe's	0.18%	$1.8bn	8.27M	New
DHRDanaher Corporation	0.18%	$1.8bn	9.54M	New
BNYBNY Mellon	0.17%	$1.7bn	11.75M	New
PLDPrologis	0.17%	$1.7bn	12.52M	New
VLOValero Energy	0.17%	$1.7bn	6.40M	New
TAT&T	0.16%	$1.6bn	79.27M	New
VRTVertiv	0.16%	$1.6bn	4.86M	New
BNSBank Of Nova Scotia	0.16%	$1.6bn	18.39M	New
SPGIS&P Global	0.16%	$1.6bn	3.87M	New
INVHInvitation Homes	0.15%	$1.6bn	51.51M	New
BMOBank Of Montreal	0.15%	$1.6bn	8.80M	New
AJGArthur J. Gallagher & Co.	0.15%	$1.5bn	6.73M	New
SYKStryker Corporation	0.15%	$1.5bn	4.89M	New
ELVElevance Health	0.15%	$1.5bn	3.96M	New
APPApplovin Corp	0.15%	$1.5bn	2.92M	New
PFEPfizer	0.15%	$1.5bn	61.51M	New
VRTXVertex Pharmaceuticals	0.15%	$1.5bn	2.97M	New
URIUnited Rentals	0.14%	$1.4bn	1.27M	New
TTTrane Technologies	0.14%	$1.4bn	2.92M	New
INTUIntuit	0.14%	$1.4bn	5.38M	New
PWRQuanta Services	0.14%	$1.4bn	1.93M	New
CRMSalesforce	0.14%	$1.4bn	8.84M	New
SHWSherwin-Williams	0.14%	$1.4bn	4.02M	New
PSAPublic Storage	0.14%	$1.4bn	4.34M	New
SOSouthern Company	0.14%	$1.4bn	14.36M	New
APDAir Products	0.14%	$1.4bn	4.67M	New
REGRegency Centers	0.14%	$1.4bn	17.15M	New
EXRExtra Space Storage	0.14%	$1.4bn	9.30M	New
NEMNewmont	0.13%	$1.3bn	14.35M	New
SBUXStarbucks	0.13%	$1.3bn	12.99M	New
TMUST-Mobile US	0.13%	$1.3bn	7.91M	New
AEMAgnico Eagle Mines LTD	0.13%	$1.3bn	8.44M	New
ENBEnbridge Inc	0.13%	$1.3bn	24.02M	New
MDTMedtronic	0.13%	$1.3bn	16.55M	New
CDNSCadence Design Systems Inc	0.13%	$1.3bn	3.40M	New
CMICummins	0.13%	$1.3bn	1.78M	New
KKRKKR & Co.	0.13%	$1.3bn	13.80M	New
ORLYO'Reilly Automotive	0.13%	$1.3bn	13.73M	New
MMM3M	0.13%	$1.3bn	7.81M	New
EQIXEquinix	0.13%	$1.3bn	1.20M	New
SPCXSpace Exploration Technologies Corp	0.12%	$1.2bn	7.28M	New
ROSTRoss Stores	0.12%	$1.2bn	5.83M	New
NOWServiceNow	0.12%	$1.2bn	12.46M	New
CSXCSX Corporation	0.12%	$1.2bn	25.95M	New
JCIJohnson Controls	0.12%	$1.2bn	8.26M	New
USBU.S. Bancorp	0.12%	$1.2bn	19.94M	New
KMIKinder Morgan	0.12%	$1.2bn	37.60M	New
UNMUnum Group	0.12%	$1.2bn	13.26M	New
CPCanadian Pacific Kansas City LTD	0.12%	$1.2bn	13.67M	New
FITBFifth Third Bancorp	0.12%	$1.2bn	20.91M	New
UDRUDR, Inc.	0.12%	$1.2bn	29.45M	New
FDXFedEx	0.12%	$1.2bn	3.72M	New
MCKMcKesson	0.12%	$1.2bn	1.53M	New
HOODRobinhood Markets	0.11%	$1.1bn	11.41M	New
CMCanadian Imperial Bank Of Commerce	0.11%	$1.1bn	9.90M	New
BKRBaker Hughes	0.11%	$1.1bn	20.40M	New
TRGPTarga Resources	0.11%	$1.1bn	4.22M	New
ICEIntercontinental Exchange	0.11%	$1.1bn	9.16M	New
TEVATeva Pharmaceutical Industries LTD	0.11%	$1.1bn	32.30M	New

Company	Bought (value)	Shares
NVDANVIDIA Corporation	$65.2bn	325.95M
AAPLApple Inc.	$55.2bn	190.73M
MSFTMicrosoft Corporation	$38.3bn	102.73M
AMZNAmazon	$33.5bn	140.57M
GOOGLAlphabet Inc. (Class A)	$28.9bn	80.93M
AVGOBroadcom	$24.9bn	65.97M
METAMeta Platforms	$18.4bn	32.73M
MUMicron Technology	$17.5bn	15.18M
TSLATesla, Inc.	$16.3bn	38.81M
LLYLilly (Eli)	$13.8bn	11.47M
AMDAdvanced Micro Devices	$13.6bn	23.36M
JPMJPMorgan Chase	$11.8bn	36.12M
INTCIntel	$8.6bn	61.71M
AMATApplied Materials	$8.2bn	11.31M
JNJJohnson & Johnson	$8.1bn	31.83M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

None this quarter.

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

No positions in covered companies were sold out this quarter.

Technology37.5%
Financials12.7%
Health Care10.2%
Consumer Discretionary9.9%
Industrials8.6%
Communication Services7.1%
Real Estate4.0%
Consumer Staples4.0%
Materials2.6%
Energy1.9%
Utilities1.7%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestMarch 21, 2014 to November 2, 2026	+13.9%	+13.6%	0.74	0.74	−33.0%	1.02
2018 onwardsJanuary 5, 2018 to November 2, 2026	+13.9%	+13.9%	0.65	0.66	−33.0%	1.01
Last three yearsNovember 3, 2023 to November 2, 2026	+21.2%	+21.8%	1.10	1.16	−17.5%	1.02
Last yearNovember 7, 2025 to November 2, 2026	+13.6%	+14.2%	0.76	0.84	−9.1%	1.04

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.